Eddie Murphy isn’t holding his breath for the fourth installment of Beverly Hills Cop, but the project’s attached director hasn’t given up on the project or the star.

"I think one day, I'm hoping, because it is one of the most iconic characters ever," Brett Ratner tells MTV.

"Eddie does not go anywhere in the world where they're not like, 'Axel Foley, what's up?' more than 'Eddie Murphy,' ” the Tower Heist director continues. “It is something that our hope and desire is to get it made."

Murphy recently told Rolling Stone that the project is dead and that "none of the movie scripts were right.” But, he does think the franchise still has some life in it on another medium.

"What I'm trying to do now is produce a TV show starring Axel Foley's son, and Axel is the chief of police now in Detroit," Murphy says. "I'd do the pilot, show up here and there."

The original Beverly Hills Cop released in 1984 starred Murphy as a fish out of water Detroit cop who goes to Beverly Hills to solve his best friend's murder. It went on to win the People's Choice Award for Favorite Motion Picture, was nominated for the Golden Globe Award for Best Motion Picture - Comedy/Musical, and received an Oscar nomination in 1985. It made an estimated $234 million at the U.S. box office, which made it that year's biggest hit.

Murphy went on to star in the second installment in 1987 and 1994's third installment. They did well at the box office, but weren't as successful as the original movie.

Murphy plays Slide in Ratner's film, Tower Heist, in theatres now. Last month, he was tapped to host the 84th annual Oscars show from L.A. on Feb. 26.